The Rise of Olderpreneurs

Once upon a time, retirees were expected to hang up their work boots, pop on their slippers, and sit quietly watching daytime TV or spending their days pottering about in the garden. Though some may still look forward to a retirement that’s quiet and uneventful, more and more over 50s are shunning the traditional idea of retirement and are doing something very different instead.

If you’re not ready to leave the world of work just yet, or if you want a new challenge to get your teeth stuck into, becoming an ‘Olderpreneur’ might just be for you. Exciting, rewarding and stimulating, starting a new venture in your golden years is a fantastic way to stay young, meet new people and top up your bank balance.

What is an olderpreneur?

By definition, an olderpreneur is a first time entrepreneur over the age of fifty. A growing number of over 50’s are starting their own businesses, using the experience, financial resources, and contacts that they’ve built up over their careers to launch new and exciting ventures.

According to the Office of National Statistics, there are now around 1.8 million self-employed people over the age of fifty in the UK. This has risen by 21% from 2008, a huge increase in just a few years. What’s more, around one in five people over fifty are self-employed, a higher proportion than for any other age group.

The types of businesses being launched by olderpreneurs vary widely: from retail, hospitality, arts, technology, and communications. As well as being a great new challenge for older people, starting a business gives them increased financial freedom, the chance to be their own boss, and the opportunity to build something for themselves and their families.

Success of Olderpreneurs

Olderpreneurs are having real success in the world of business. Thanks to their more mature attitudes, more varied skills, and their ability to cope with a range of challenging situations, olderpreneurs are steering businesses through difficult economic times more successfully than almost anyone else.

Age UK recently carried out a survey which showed that 70% of businesses started by people in their fifties survived for at least five years. That’s compared to just 28% of companies started by younger entrepreneurs.

A lot of olderpreneurs fund their ventures using money they’ve saved up during their working lives, giving them the freedom to run their businesses exactly how they want rather than relying on investors and collaborators.

As well as being good news for ambitious retirees, the rise of the olderpreneur is great for the UK economy. Businesses run by owner-managers over the age of fifty create jobs at a rate that’s more than seven times faster than the UK average. And with profit growth at these businesses forecast to hit 29%, these impressive statistics don’t show signs of slowing any time soon.

How to be an olderpreneur

Though olderpreneurs are having great success in a range of industries, there are challenges involved when starting a business later in life. One of the main hurdles you’ll need to cross is getting your company financed. If you don’t have the money to fund your company yourself, you may struggle to secure backers for your business.

However, as more and more olderpreneurs make it big in the world of business, investors will begin to see the benefits of backing these more experienced entrepreneurs, making it easier for the over 50s to get the funding they need.

As well as securing financial backing, you’ll also need to ensure that your business plan is up to standard. Whether you’re launching a new product or service, or you’re updating an exciting concept, you need to make sure that there’s demand for what you’re offering and that your business meets that demand head on.

If you’re yet to become fully tech savvy, updating your computer skills before you launch your business will help you to build an effective online presence and take advantage of the opportunities that social media and ecommerce have to offer.

With the world of business opening its doors to the over 50s, now is the perfect time to start a new venture. By combining your experience, contacts and specialist knowhow, you can create a business that won’t just survive, but will thrive, giving you and your family something to be truly proud of. There is plenty of help out there for olderpreneurs to hit the ground running, such as London based The Formations Company, who have helped over 250,000 companies to incorporate. So what’s stopping you from starting your own business today?